GANDHINAGAR: The Anil Agarwal-led Vedanta Limited and Taiwan’s Foxconn on Tuesday signed Memorandums of Understanding (MoUs) with the Gujarat government for setting up a semiconductor and display fab manufacturing unit in the state with an investment of over Rs 1.54 lakh crore.
The agreement was signed in presence of Gujarat Chief Minister Bhupendra Patel and Union Minister for Electronics and Information Technology Ashwini Vaishnaw. Gujarat Minister for Education, Science and Technology Jitubhai Vaghani was also present.
The Vedanta-Foxconn group, under the MoU. will set up a display Fab unit in Gujarat with an investment of Rs 94,500 crore as well as an integrated semiconductor fab unit and OSAT facility with an investment of Rs 60,000 crore.
The two MoUs, together, will bring an investment of more than Rs 1.54 lakh crore and generate around one lakh new employment opportunities in the state, stated Jitu Vaghani during the event.
The proposed investment by Vedanta and Foxconn Group will further support the development of upstream and downstream electronics manufacturing clusters and establishing of healthy trade linkages.
Vedanta and Foxconn Group will work closely with the state government to establish high-tech clusters with requisite infrastructure, including land, semiconductor-grade water, high-quality power, logistics and a skill ecosystem.
In addition to making India a global partner in the supply chain, the semiconductor fab unit will prove to be a game-changer for the economy. It will create significant employment opportunities for the youth and generate revenue for the state.
Ashwini Vaishnaw said that it is PM Modi’s vision to establish India as a global manufacturing hub and a major player in the semiconductor supply chain. Under his visionary leadership, the Government of India has taken several key initiatives to reduce the dependence on imports of electronic goods by giving impetus to domestic manufacturing of electronic, semiconductor products and components.
Gujarat CM Bhupendra Patel welcomed the Vedanta and Foxconn Group’s mega investment in the state. He stated that this huge investment coming on the day when his government completes one year is a testimony to the policy stability and policy support, coupled with good governance and excellent infrastructure facilities existing in Gujarat. The CM also assured all necessary support from the government and remarked that the Vedanta and Foxconn Group will get with red carpet in Gujarat instead of any red tape.
Jitubhai Vaghani said the project willgenerate huge employment opportunities for the youth of Gujarat and India at large, while also contributing to the economy and national security.
Union Minister Ashwini Vaishnaw highlighted the importance of this investment viz-a-viz the Prime Minister’s vision for achieving self-reliance in the field of semiconductor manufacturing. The minister said that it is a step in the right direction for Gujarat helping towards building a one trillion-dollar digital national economy.
Vedanta Group Chairman Anil Agarwal said Gujarat has had a long history of having an investor-friendly atmosphere and a robust manufacturing base. Additionally, the recently notified semiconductor policy with excellent incentives on capital expenditure, land, water and power has made Gujarat a very compelling choice for his company’s huge foray into the semiconductor manufacturing sector, he said.
In line with the above initiatives of the Government of India, Gujarat recently notified the Semiconductor Policy (2022-27) to attract investment in the semiconductor chip manufacturing sector. With the announcement of the policy, Gujarat became the first state to announce a dedicated policy to support the semiconductor and display manufacturing sector. (ANI)